All major regional bourses and most sectors finished in negative territory. Banks shed 4.48 percent, while retail was among the only sectors to rise, adding 1.27 percent.
The Bank of England announced it was cutting interest rates, bringing the key rate to 5 percent from a 16-year high of 5.25 percent. Markets had been pricing in a 61 percent probability of a 25-basis point cut ahead of the announcement. The Bank of England said that the Monetary Policy Committee voted for the cut with a five-to-four majority.
In individual stocks news, shares of Rolls-Royce jumped more than 11 percent at one point to hit an all-time high before paring back some gains after the company reinstated its dividend and raised its profit forecast on the back of strong first-half results.
On the other hand, French payments firm Worldline fell to the bottom of the benchmark, ending the day over 15 percent lower after it cut its 2024 outlook. Societe Generale was down close to 9 percent after it downgraded its outlook for its French retail activities even as it beat second-quarter earnings estimates.
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